美的集团：2024H1业绩点评：业绩超预期，经营势能强劲

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [7] Core Views - Midea Group's performance in H1 2024 exceeded expectations, showcasing strong operational momentum [6][11] - The company reported a revenue of 217.27 billion yuan in H1 2024, a year-on-year increase of 10.30%, and a net profit attributable to shareholders of 20.80 billion yuan, up 14.11% year-on-year [11][12] - The report highlights significant growth in both consumer and business segments, with C-end exports showing high growth and B-end growth improving [11][12] - The gross profit margin has been positively impacted by structural optimization, leading to a continuous improvement in net profit margin [12][14] - The company is expected to maintain strong performance due to favorable domestic conditions and robust external orders, with a projected net profit of 38.5 billion yuan for 2024 and 42.5 billion yuan for 2025 [12][14] Financial Performance Summary - In Q2 2024, Midea Group achieved a revenue of 111.17 billion yuan, a 10.37% increase year-on-year, and a net profit of 11.80 billion yuan, up 15.84% year-on-year [11][12] - The gross margin for Q2 2024 improved by 0.5 percentage points to 26.9%, marking ten consecutive quarters of year-on-year growth [12][14] - The company reported a significant increase in cash flow from operations, reaching 33.5 billion yuan in H1 2024, a 12% increase year-on-year [12][14] - Contract liabilities reached a record high of 34.7 billion yuan, indicating strong future support for revenue [12][14] Segment Performance - In H1 2024, revenue from the HVAC segment was 101.5 billion yuan, with a gross margin of 26.35%, while the consumer appliances segment generated 75.1 billion yuan with a gross margin of 33.39% [15] - The company experienced a 17% year-on-year increase in air conditioning exports in Q1 and a 49% increase in Q2 [11][12] - The B-end revenue growth was 5% in Q1 and 9% in Q2, with improvements noted in smart building technology and new energy industrial technology [11][12]